What is a dapp?
Dapp is short for decentralized application. In order to use decentralized applications, you will have to download a wallet that can interact with the selected blockchain. The wallet works as a digital signature which will be used for signing all transactions and confirmation requests within the application. You can check our protocol and wallet guide HERE to find out how to interact with the blockchain.
What is a bounty?
A great way to earn cryptocurrency is through bounties, where you will receive tokens in exchange of work for a particular project, such as contributing with data, code, marketing and more. Tokenswim is fetching bounties from all major bounty platforms such as Bounty0x and more.
What is a airdrop?
Airdrops are very similar to bounties, but does not require the same amount of work. Most often it requires you to confirm an email address or a follow in social media. This is an easy way to grind tokens from blockchain startups all over the world. Blockchain projects hare giving away free tokens for many reasons. By creating an airdrop or bounty, a startup can create great awareness of their project for a much lower cost then average campaigns and increase liquidity in the market as they are increasing the circulating supply.
What do I need to do before doing bounties and airdrops?
First you would find out what protocol the token/dapp is built on top of. Then make a wallet for the specific protocol. You will need to provide a wallet address upon registering for a bounty. Make sure that you meet the requirements of the bounty you want to join as they all differ from each project. Before joining a bounty, make sure that you meet the requirements as they all differ from each project. Some bounties may have restrictions when it comes to country of residence, balance, resources and audience. KYC (Know Your Customer) may be required depending on the project and type of token. Tokenswim is not responsible for any payments or stakes from bounties listed, unless this is stated on a particular project site.
What is a blockchain protocol?
A blockchain protocol is a distributed internet network that does not have a single entity or company controlling it. All data is stored as a copy on each node of the network and can not be reversed, removed or edited. Smart contracts that are deployed on a blockchain can be used as the back-end in applications, making it easier for humans to trust each other without any middleman.
What is a DEX?
DEX is short for decentralized exchange, which is a “stock market” that does not have one sole owner and will never have downtime. On decentralized exchanges you do not have to create an account to trade assets, compared to when you use a centralized exchange where you have a company with access to all the users information. You simply log in with your own wallet and trade directly with other users.
What is a dividend token?
A dividend token represents fractional ownership of a decentralized application. This token can be staked inside the application and will pay out dividends when the application is in profit.
What is a NFT?
NFT is short for non-fungible token. This term is used for tokens that represents ownership of a certain asset, domain, character or property. This means that each token is different and can be more scarce, compared to standard tokens, where one token equals one token.
How can I trade earned tokens?
Tokens can be traded into the native cryptocurrency of the specific blockchain on decentralized exchanges (DEX). You can find all decentralized exchanges HERE. Non-fungible tokens (NFT) on Ethereum can be sold on OpenSea.
How should I store my assets?
In order to store your assets safely, you should store it in a cryptocurrency wallet where you have access to your own private key. Do not share this key with anyone as it is the only way to access your assets. Do not keep your assets on exchanges. By storing assets on centralized exchanges, your assets will always be in risk as you do not have access to the private keys. Centralized exchanges will always be vulnerable as they can be hacked, compared to decentralized exchanges (DEX) where you are trading and confirming transactions directly from the wallet. DEXes are currently only available when trading between tokens and the native cryptocurrency of the protocol.
What is a token swap?
A token swap may occur if the project is planning to launch its own protocol or migrate to another blockchain. For example: A project have launched their fundraising on Ethereum, where the released tokens can be swapped with the new native currency on the new blockchain protocol that the company have been developing. Protocols that have had their fundraising through Ethereum ICO’s include Binance (BNB), Zilliqa (ZIL), Credits (CS), TRON (TRX) and more. To find out if the project will have a token swap in the future, you can read their white paper or follow their announcements.
What is Bitcoin Lightning Network (LN)?
Lightning Network is a layer 2 solution on the Bitcoin (BTC) protocol, where you can have faster and cheaper payments by funding a channel. Applications on top of this protocol can be accessed by using a LN wallet such as BlueWallet.
How do I add a Telegram @username?
Adding a Telegram @username is not required upon registering on their application. This has to be done manually. You can add a username by going to “Settings” and type in an available name. This is a common identifier in bounty and airdrop campaigns. It is advised to download Telegram before joining bounties and airdrops since it is the primary way for blockchain projects to interact with the community.
How can I stay safe in the token economy?
- Do not share your private key(s) with anyone.
- Do not send any cryptocurrency to any “airdrop”.
- Store your private keys a place only you have access to.
- Do not store assets on centralized exchanges for the long term.
- Use 2FA authentication when possible.
What are TKS tokens?
TKS is Tokenswim’s own token on the Ethereum blockchain (ERC-20 standard), which initially will be distributed to early contributors of the project and subscribers of the services offered. The token is a utility token, which will have usecases within dapps developed by Tokenswim and partnered projects. TKS can be traded on decentralized exchanges such as ForkDelta and McAfee DEX.
What is Tokenswim?
Tokenswim is providing a dashboard for the tokenized economy. Navigate through bounties, airdrops and dapps, which are categorized based on the financial aspect of the application. The project was initially launched to provide internet users living outside the traditional finance system free information about working and investing within the new economy.